A couple of rather disturbing examples of why the EU's structural funds so badly and desperately need reform. The list seemingly never runs dry.First, the Sunday Telegraph had a feature on Madeira’s economy, claiming that grants from the EU structural funds – which require match funding from local governments or business – have contributed to the local Madeiran administration now owing over €6 billion, nearly double the per capita public debt of mainland Portugal.
Submitted by Charles Hugh-Smith of OfTwoMinds blog, Regardless of the need for reform, it isn't going to happen for these structural reasons. The list of public/private institutions that desperately need structural reform is long: t... Read Post
The biggest bond fund manager on the planet likely had a bad day today and judging by his comments during the following Bloomberg TV interview, he is not too impressed with the current Fed head, who is "driving in a fog," or the fro... Read Post